Apply statistical methods in business.
Assignment - Business Planning Using Statistical Methods
Learning Outcome 1: Apply statistical methods in business.
Learning Outcome 2: Communicate findings using appropriate charts/tables.
Assignment Brief
BIM Birlesik Magazalar A.S. first opened the doors in 1995 with 21 stores. Itsmain principle is to offer consumers basic food items and consumer goods at thebest prices and highest quality. BIM, pioneer of the hard-discount model inTurkey, limits its product portfolio to approximately 600 items and aims at havingdiverse private label products. BIM, acting on the vision to bean international company, continues to explore new potential marketopportunities in the other countries. BIM maintains its Moroccan operations byopening 50 new stores in 2016 and reached 329 stores in total. In 2016, BIMopened 75 new stores and reached 215 stores in a short time in Egypt which is thesecond foreign operation of the company.
The following are some cases and issues that BIM`s managers face in Uskudarneighborhood where they can apply statistical techniques to plan their businessactivities:
Sales manager is interested in the number of customers who arrive at a cash pointduring a 15-minute period on weekday evenings. The probability of customerarriving is the same for any two-time periods of equal length, the arrival ornonarrival of customers in any time period is independent of the arrival ornonarrival in any other time period, and the analysis of historical data shows thatthe average number of customers arriving in a 15-minute period of time is 20.
In order to determine any possible difference between the standardized weightand the actual one, quality control specialist always picks up samples of differentproducts. Bim produces dairy products such as Milk Bottles of 500 grams weight.Although machines cannot fill the Bottles by exactly 500 grams, under normalprocess conditions the average weight should be 500 grams. A sample of 100milk Bottles has been chosen. From historical available data Quality controlspecialist considered the standard deviation of the milk Bottle population knownat the value of 20.
In Uskudar neighborhood as well, Bim owns a store that sells silverwares. Basedon the past experience, the store manager estimates the probability that any onecustomer will make a purchase at 35%.
The Financial Manager wants to evaluate the effects of using different softwareon auditors` efficiency. Four different random samples of auditors who usedifferent accounting software have been chosen; each sample contains sevenauditors` times required to complete year-end audits.